THE PUBLIC WORKS POLICY.

Grey River Argus, Volume XV, Issue 1880, 14 August 1874, Page 2

THE PUBLIC WORKS POLICY.

On the Immigration and'Purjlia Works Loan Bill considerable' f d}scussibn ensued upon the sixth clause,, which;. giyes;po,wer to the' Government to raised the" 'whole oi the four "million loan in short-dated^^^ bentures.' ° ."'.' . : ' ,'.'.' ', " T ~, Mr Fitzherbert thought /t%;ppi^-; raising short-dated deb,entures : should < jje limited to one million. -- ' - - n-.-'.r.ri The Premier urged that it was economical for the Colony, to entrust the Government 1 with discretionary power ; ' as -to whether they should, raise the "ipan' in short-dated or long-dated debentures.,^. Mr Reeves urged that.it was a dangerous power to j grant. He had : 'p4rfect confidence in the prudence of the present Treasurer, but it afforded opportunities for reckless dealing with finances to the Treasurer, who might follow the present one, and be less cautious and reliable.-oA Mr Rolleston wanted information as*to the cost of raising the : last loans, and whether the Goyerntnent had made any permanent arrangeMent^-for that object. The Premier^sM^he? Agent-General had acted up to the tinie 'when he left England j but as to the. ;Ll2O,opti 1 whtch had been' negotiated by ' Julian; he had been allowed Ll ooo| as tie I ' wm not' a recognised Government officer.'"' ' • Mr T. L. y Gillies said 'would shrink from embarrassing! the Treasurer in the slightest degree in any legitimate operation,-; but; no necessity ; existed ;|or>}ithe ■powers askedifbr. ' ' ' :; - !^'7;M;r Mr Outhberson pbibted^but' that last session twoloans,amqunting to L 2,750,000,, 750,000, were allowed to tyi. raised on short-dated debentures, at the"3isOTel;ion of the^Go;vernmeiit, and, without ;_ opposition^ Mq „cpuld not reconcile that- with ihejpreaenit opposition. H=. L Mr Johnston insinuated ,.; : th'ii : the^ last loan had been floated in a manner- -not-in accordance with' the usual 'practice^and although he, \yas prepared to r yp r te,for the clause if tne" Premier, said'the money was an absolute necessity^: he would likfe more iaformation than that vouchsafed' them 1 ." Messrs Reeves and Fjfzherbert insisted that the Premier, on the previous evening, gave a ; pledge that he I 'would jje guided by the wishes; of the oppoaitionlis , to the Hmit of theshprt-dated.debentures. - Mr Reader Wood thought it strange ?j that after. jthe'iHouse had- agreed u'nani-^ as to the necessity fora four mUlibii'loan, such a feeble opposition should he offered to the progress of the Bill. , -r SirOracroft Wilson felt found -to gay ,fpr ; the, hpnor of .thej House,- thatheditl not un demand, the Premier tp have given any pledge en the question. .The, clause passed, : and, the ;Bijl/iheh passed rapidly;withbufe:amehdment.^i *.>.*